UCF MAR 3023 Exam 1 Review UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
If you found this helpful, *Venmo* me @*ASerros* to show your appreciation! Good luck! -
CORRECT ANSWER
An organizational function and a set of processes for creating, capturing, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders. - CORRECT ANSWER Marketing
A written document composed of an analysis of the current marketing situation, opportunities and
threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action
programs, and projected or pro forma income (and other financial) statements. - CORRECT
ANSWER Marketing Plan
The trade of things of value between the buyer and the seller so that each is better off as a result. -
CORRECT ANSWER Exchange
Core Aspects of Marketing ... - CORRECT ANSWER Product, Price, Place, Promotion (4 P's)
Creating value - CORRECT ANSWER Product
Capturing value - CORRECT ANSWER Price
Delivering value - CORRECT ANSWER Place
Communicating value - CORRECT ANSWER Promotion
B2C - CORRECT ANSWER Business-to-consumer marketing
B2B - CORRECT ANSWER Business-to-business marketing
, C2C - CORRECT ANSWER Consumer-to-consumer marketing
Evolution of marketing ... - CORRECT ANSWER Production (1900-1920), Sales (1920-1950),
Marketing (1950-1990), Value-based marketing (1990-Present)
Importance of marketing ... - CORRECT ANSWER Can be entrepreneurial, expands global
presence, pervasive across channel members, enriches society
The group of firms that make and deliver a given set of goods and services. - CORRECT ANSWER
Supply Chain
A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage. -
CORRECT ANSWER Marketing Strategy
Something the firm can persistently do better than its competitors. - CORRECT ANSWER
Sustainable Competitive Advantage
4 Macro strategies for Developing Customer Value - CORRECT ANSWER Customer
excellence, operational excellence, product excellence, locational excellence
Involves a focus on retaining loyal customers and excellent customer service. - CORRECT ANSWER
Customer Excellence
Involves a firm's focus on efficient operations and excellent supply chain management. - CORRECT
ANSWER Operational Excellence
Involves a focus on achieving high-quality products; effective branding and positioning is key. -
CORRECT ANSWER Product Excellence
A method of achieving excellence by having a strong physical location and/or Internet presence. -
CORRECT ANSWER Locational Excellence
ACTUAL QUESTIONS AND CORRECT
ANSWERS
If you found this helpful, *Venmo* me @*ASerros* to show your appreciation! Good luck! -
CORRECT ANSWER
An organizational function and a set of processes for creating, capturing, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders. - CORRECT ANSWER Marketing
A written document composed of an analysis of the current marketing situation, opportunities and
threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action
programs, and projected or pro forma income (and other financial) statements. - CORRECT
ANSWER Marketing Plan
The trade of things of value between the buyer and the seller so that each is better off as a result. -
CORRECT ANSWER Exchange
Core Aspects of Marketing ... - CORRECT ANSWER Product, Price, Place, Promotion (4 P's)
Creating value - CORRECT ANSWER Product
Capturing value - CORRECT ANSWER Price
Delivering value - CORRECT ANSWER Place
Communicating value - CORRECT ANSWER Promotion
B2C - CORRECT ANSWER Business-to-consumer marketing
B2B - CORRECT ANSWER Business-to-business marketing
, C2C - CORRECT ANSWER Consumer-to-consumer marketing
Evolution of marketing ... - CORRECT ANSWER Production (1900-1920), Sales (1920-1950),
Marketing (1950-1990), Value-based marketing (1990-Present)
Importance of marketing ... - CORRECT ANSWER Can be entrepreneurial, expands global
presence, pervasive across channel members, enriches society
The group of firms that make and deliver a given set of goods and services. - CORRECT ANSWER
Supply Chain
A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage. -
CORRECT ANSWER Marketing Strategy
Something the firm can persistently do better than its competitors. - CORRECT ANSWER
Sustainable Competitive Advantage
4 Macro strategies for Developing Customer Value - CORRECT ANSWER Customer
excellence, operational excellence, product excellence, locational excellence
Involves a focus on retaining loyal customers and excellent customer service. - CORRECT ANSWER
Customer Excellence
Involves a firm's focus on efficient operations and excellent supply chain management. - CORRECT
ANSWER Operational Excellence
Involves a focus on achieving high-quality products; effective branding and positioning is key. -
CORRECT ANSWER Product Excellence
A method of achieving excellence by having a strong physical location and/or Internet presence. -
CORRECT ANSWER Locational Excellence
